Collective Mining Drills 276.3 Metres at 2.95 g/t Gold Equivalent from Surface and Increases the Volume of the High-Grade Portion of the Apollo Porphyry System
Collective Mining Drills 276.3 Metres at 2.95 g/t Gold Equivalent from
Surface and Increases the Volume of the High-Grade Portion of the
Apollo Porphyry System
• Assay results for APC-39, which continued to step out to the east from Pad 6 as part of
a fan pattern of drilling at the Apollo porphyry system , intersected continuous high-
grade copper-silver-gold mineralization from surface as follows:
• 276.30 metres @ 2.95 g/t gold equivalent ( consisting of 2.12 g/t gold, 36 g/t silver
and 0.22% copper) in drill hole APC-39 including:
o 33.0 metres @ 4.87 g/t gold equivalent from surface in oxides, and
o 17.75 metres @ 3.94 g/t gold equivalent from 75.80 metres downhole.
• The intersection in drill hole APC-39 was terminated short of target depth due to a
technical issue while in high-grade copper and silver mineralization, with the final 7.6
metres returning 0.73% copper, 152 g/t silver and 0.4 6 g/t gold. APC-39 is the
easternmost completed hole with assay results from Pad 6 to date and has extended the
strike length of the high-grade mineralization at depth from previously announced APC-
35 to 125 metres. This subzone of high-grade remains open to the east and west along
strike at depth and subsequent completed holes awaiting assay results (APC-41, APC-
42 and APC-44) have visually further extended the mineralization.
• APC-36 and APC -38 are the initial drill holes completed from Pad 7 and confirm for
the first time that the mineralization begins directly at surface in this area of the
Apollo system. Both holes added new volume of shallow mineralization to the block
model and demonstrated excellent continuity of mineralization with higher grade
oxide mineralization encountered in the shallowest portions of the holes .
Additionally, the holes were beneficial in working out the geometry of the system in
this location confirming a steeper dip than modelled with assay results as follows:
• 169.95 metres @ 2.15 g/t gold equivalent (consisting of 1.36 g/t gold, 19 g/t silver
and 0.32% copper) in drill hole APC-38 including:
o 20.95 metres @ 3.24 g/t gold equivalent from surface in oxides.
• 110.40 metres @ 2.08 g/t gold equivalent (consisting of 1.73 g/t gold, 9 g/t silver and
0.14% copper) in drill hole APC-36 including:
o 19.55 metres @ 2.86 g/t gold equivalent from surface in oxides, and
o 11.15 metres @ 7.36 g/t gold equivalent from 102.05 metres.
• Five additional drill holes have been completed from drill Pads 6 and 7 and all appear
to have extended the area of outcropping mineralization from bedrock to downhole
lengths of up to 400 metres. Assay results are pending.
• Deep drilling has recently commenced from Pad 6 with a northwesterly hole designed
to test for mineralization from surface down to a vertical depth of over 1,000 metres.
Ari Sussman, Executive Chairman commented: “T he discovery of the Apollo system within the
Guayabales project continues to deliver broad intervals of high- grade copper -silver-gold
mineralization. Assay results from f an drilling completed to date from P ads 6 and 7 have added
important tonnes of high- grade mineralization to the block model beginning directly from surface.
With the fan pattern of shallow drilling from Pad 6 now complete, we are excited to have initiated our
first deep hole to test the potential of the system over 1,000 metres vertical. I recently returned from
visiting the Guayabales project and came away impressed by both the sheer quantity and quality
of mineralization observed in outstanding holes awaiting assaying and the strong support for the
Company by our stakeholders . Our team is excited to advance the project swiftly and responsibly
and is confident that the Company will be an important contributor to Colombia’s bold
decarbonization plans. ”
Toronto, Ontario, March 30, 2023 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a n
additional three drill holes completed from Pad 6 and 7 which form part of the Phase II Apollo
program within the Guayabales project located in Caldas, Colombia. The aim of the Phase II
program is to test and define through drilling the shallow portion of the Apollo porphyry system as
well as continue expanding the system through step- out and deep drilling . The Apollo porphyry
deposit is a high -grade, bulk tonnage copper-silver-gold system, which owes its excellent metal
endowment to an older copper -silver and gold porphyry system being overprinted by younger
precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins )
within a magmatic, hydrothermal inter-mineral breccia body currently measuring 395 metres x 385
metres x 915 metres and open for expansion .
Details (See Table 1 and Figures 1-6)
The Phase II drilling program of 2023 is advancing on schedule with nine holes completed and a
further five awaiting assay results from the lab. Th e aim of this program is to define the high-grade
mineralization and dimensions of the Apollo porphyry system near surface while continuing to expand
the size of the system through step-out drilling. To date, a total of 40 drill holes (approximately 17,540
metres) have been complete d and assayed at the Apollo target with most of the holes testing the
Apollo porphyry system.
Assay results for the first three drill holes (APC-31, APC-33 and APC-35) from the 2023 Phase II
program were previously announced on February 23, 2023 and M arch 15, 2023 , respectively.
Highlights include 384.7 Metres at 2.46 g/t gold equivalent in APC-31 and 359.15 metres @ 3.32
g/t gold equivalent in APC-35, with mineralization in both holes commencing from surface. Both
holes intercepted high-grade oxide mineralization from surface with APC-31 cutting 42.35 metres @
5.08 g/t gold equivalent and APC-35 cutting 35.30 metres @ 8.06 g/t gold equivalent . (see
February 23, 2023 and March 15, 2023 for gold equivalent calculations)
A further three holes, APC-36, APC-38 and APC-39 have now been completed from Pads 6 and 7
with assay results and geological observations summarized below.
APC-36 was drilled steeply in an easterly direction from Pad 7 to a maximum depth of 154.1 metres
(90 metres vertical). The hole was designed to test the potential for shallow mineralization located on
the eastern side of the southern outcrop area and to better define the geometry of the system in this
area. The hole intersected continuous mineralization from surface down to 110.4 metres with
assay results as follows:
• 110.40 metres @ 2.08 g/t gold equivalent (consisting of 1.73 g/t gold, 9 g/t silver and
0.14% copper) in drill hole APC-36 including:
o 19.55 metres @ 2.86 g/t gold equivalent from surface in oxides, and
o 11.15 metres @ 7.36 g/t gold equivalent from 102.05 metres.
The mineralized interval starts directly below overburden at 2.8 metres in saprolite and saprock
material with oxidized sulphides until 19.55 metres before transitioning into fresh mineralized angular
breccia rock consisting of chalcopyrite (0.2% to 0.8%), pyrite (up to 2.5%) and pyrrhotite (~1%). As
expected, gold grades are significantly higher in the oxidized portion of the intercept.
APC-38 was drilled northwards from Pad 7 to a maximum depth of 183.7 metres (165 metres vertical)
and was designed to test the potential for shallow, high-grade mineralization located on the northern
side of the southern outcrop area. The hole intersected continuous mineralization from surface
down to 169.95 metres before expectingly passing into a post mineral dyke with assay results as
follows:
• 169.95 metres @ 2.15 g/t gold equivalent (consisting of 1.36 g/t gold, 19 g/t silver
and 0.32% copper) in drill hole APC-38 including:
o 20.95 metres @ 3.24 g/t gold equivalent from surface in oxides, and
o 13.35 metres @ 3.74 g/t gold equivalent from 156.6 metres.
The mineralized interval starts from surface within saprolite material followed by an additional 15.25
metres of saprock with iron oxides and sulphides to 20.95 metres before transitioning into fresh rock
with a sulphide composition of 0.5% to 1.5% chalcopyrite, 1.5% pyrite and lesser pyrrhotite. Magnetite
is also present in the matrix enveloped by chalcopyrite.
APC-39 was drilled steeply to the n ortheast from Pad 6 to a maximum depth of 284.3 metres (285
metres vertical). The hole was designed to expand upon the continuity of high-grade mineralization
from surface in a northeast direction within the main Apollo porphyry system. The hole intersected
continuous mineralization from surface down to its final depth of 284.3 metres with assay results
as follows:
• 276.3 metres @ 2.95 g/t gold equivalent (consisting of 2.12 g/t gold, 36 g/t silver and
0.22% copper) in drill hole APC-39 including:
o 33.00 metres @ 4.87 g/t gold equivalent from surface in oxides, and
o 17.75 metres @ 3.94 g/t gold equivalent from 75.80 metres in a CBM zone ,
and
o 11.15 metres @ 3.78 g/t gold equivalent from 185.8 metres in a CBM zone.
The mineralized interval starts directly below overburden at 8 metres depth with saprolite material
followed by oxidized saprock for an additional 33.5 metres to a depth of 41 metres. The intercept then
passes into fresh rock with a sulphide composition of chalcopyrite that ranges between 0.5% and
1.5%, pyrite values up to 2.5% and lesser pyrrhotite. Overprinting carbonate base metal vein material
is also present with sphalerite and galena specifically from 75.8 metres down hole and again at 185.8
metres down hole. The downhole intersection stopped in high grade copper and silver mineralization,
due to technical issues with the rig, with the final 7.6 metres returning 0.73% copper, 152 g/t silver and
0.46 g/t gold. Further drilling will be undertaken in this area.
Drill hole APC-37, which was the first hole of 2023 from Pad 4, was unfortunately lost short of target
depth due to a complicated fault. A new hole from Pad 4 is advancing well and is expected to be
completed in the coming days.
Outcrop mapping and sampling in the south and central portions of the system has outlined a 130
metre-by-100 metre area of known surface mineralization, which is open in all directions. Pads 6 and
7 have been designed with the objective of understanding the styles and tenor of the shallow, high-
grade mineralization from surface down to depths of up to 400 metres and Pad 6 is ideally situated for
further step out holes to understand grade continuity at depth. Deep drilling has recently commenced
from Pad 6 with a northwesterly hole designed to test minerali zation from surface down to a vertical
depth of over 1,000 metres.
Visual observations f rom another five completed holes indicate continuous mineralization
from surface over core lengths ranging from more than 80 metres to more than 400 metres.
The Company presently has three diamond drill rigs operating at the Apollo project and additional
assay results are expected in the near term.
Two new drill pads, numbered 9 and 10, will be completed shortly and once operational will provide
more drilling options to test this expanding area of surface and shallow mineralization down to 400
metres vertical.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and
molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area and represents a large
and unusually high-grade Cu-Ag-Au porphyry system . Mineralization styles include early-stage
porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage,
sheeted, carbonate-base metal veins with high gold and silver grades . The Apollo target area is still
expanding as the Company’s ge ologists have found multiple additional outcrop areas with porphyry
veining, breccia, and late stage, sheeted, carbonate base metal veins.
Table 1: Assays Results for APC-36, APC-38, and APC-39
Hole # From
(m)
To
(m)
Intercept
Interval (m)
Au
(g/t)
Ag
(g/t)
Cu
%
Mo
%
AuEq
(g/t)*
CuEq
(%)*
APC-36 2.80 113.20 110.40 1.73 9 0.14 0.004 2.08 1.11
Incl** 2.80 22.35 19.55 2.57 11 0.11 0.002 2.86
102.05 113.20 11.15 6.84 14 0.28 0.006 7.36
APC-38 - 169.95 169.95 1.36 19 0.32 0.002 2.15 1.15
Incl** - 20.95 20.95 3.12 2 0.10 0.002 3.24
156.60 169.95 13.35 2.28 32 0.63 0.002 3.74
APC-39 8.00 284.30 276.30 2.12 36 0.22 0.001 2.95 1.57
Incl** 8.00 41.00 33.00 4.44 26 0.11 0.001 4.87
75.80 93.55 17.75 2.84 36 0.40 0.001 3.94
185.80 196.95 11.15 3.55 18 0.04 0.001 3.78
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43
x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97 ) + (Ag (g/t) x 0.0 09 x 0.88)+
(Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$4.10/lb, Ag – $24/oz Mo - US$25.00/lb and Au – US$1,500/oz
and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative
as limited metallurgical work has been completed to date. A 0.2 g/t AuEq cut-off grade was employed with no more
than 15% internal dilution. True widths are unknown, and grades are uncut.
(**) Zone of Oxidation
Figure 1: Plan View of the Apollo Porphyry System Highlighting Drill Holes APC-36, APC-38
and APC-39
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target Area
Figure 3: Core Photo Highlights from Drill Hole APC-36
Figure 4: Core Photo Highlights from Drill Hole APC-38